In preparing our bid, CNOOC Limited always anticipated that our merger with Unocal would be reviewed by the Committee on Foreign Investment in the US (CFIUS). We are fully prepared to participate in a CFIUS review of the transaction and we have proactively made assurances to Unocal to address concerns relating to energy security and ownership of Unocal assets located in the United States.
CNOOC Limited has said that we are prepared to sell or take other actions with respect to Unocal's minority pipeline interests and storage assets so long as such a sale does not cause substantial economic harm to Unocal, and we will reiterate this commitment to the CFIUS committee when appropriate. We are also open to discussing with CFIUS placing non-E&P assets under American management through arrangements that CFIUS has approved often in the past.
We are prepared to enter into talks with the CFIUS committee to discuss these issues as soon as the committee is ready to do so."
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